noun

1. a preferring or being preferred; greater liking
2. the right, power, or opportunity of prior choice or claim
3. something preferred; one's first choice
4. 1. a giving of priority or advantage to one person, country, etc. over others, as in payment of debts or granting of credit
   2. such priority or advantage

Etymology: MFr préférence < ML praeferentia < L praeferens, prp. of praeferre, to prefer